Posted on 04/20/2020 9:09:15 AM PDT by DannyTN
... Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019.
The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March. ...
(Excerpt) Read more at oilprice.com ...
Right!! Put a $40 per barrel tariff on imported oil. We need to keep our domestic fracking industry and the millions they employ.
Our frackers are highly leveraged, as in loans taken out from banks and Wall Street. A Fracker crash will cascade and crash others. So keep these guys alive with an imported oil tariff. If Team Trump cannot manage this then they are idiots.
Iran has locusts too! The poor heathen bas_ards!
____
ACCORDING to Keith Cressman of Locust Watch website of the United Nations, the current widespread locust breeding in Kenya, Ethiopia and Somalia is an unprecedented threat to food security and livelihood at the beginning of the upcoming cropping season. Pakistan is on the list of hard-hit countries, along with Iran and Sudan.
Reportedly, the military has been deployed in Uganda to spray trees by hand in the morning before locusts take off. Ethiopia, where about 80 per cent of the population relies on agriculture, is facing the worst infestation it has seen in the last quarter of a century. Furthermore, it is encountering cross-border locust migration from Somalia and Kenya.
Pakistan is also facing a similar crisis of cross-border locust migration from Iran. The Covid-19 carriers from Iran, that have caused much havoc in our country, have overshadowed the locust threat to food security here.
https://www.dawn.com/news/1550582
All tanked up and nowhere to go.
Do it Pres. Trump!!
Not if all the workers disappear and find new jobs to support their families. It will take months if not years to get qualified employees back in the field as many will not come back.
A guy on Fox business just reported that Frackers will go bankrupt, and their leases, equipment, etc. will be bought at “bargain basement” prices by oil bigwigs. The end result (long-term) will be US producers will be able to produce oil even cheaper than before. This happened a few years ago, according to this expert.
I read last week that the SPR can now hold about 730M barrels. IIRC, we currently have room for about another 115M barrels.
Fill that bazitch up.
Why is the US refining foreign oil?!
Do we don't. A simple perhaps temporary $30/bbl tariff on imported oil would be the solution to this.
Hmmm. Why would you do that? We need to leave the Middle East (or at least decrease our footprint), correct?
It is not that simple. The type of wells that are (were) being drilled are known for the steep decline rates. There is no production growth without continually drilling new wells.
Truckers still truckin’.
My God Mr. President - do it NOW!!!!
Wow, that was interesting, thanks.
Because our refineries are set up to process the Middle Eastern crudes. The oil that is being produced from these new unconventional plays is much higher gravity. It takes years if not decades to get the EPA to approve a new refinery to process the new crude. That is what we are exporting. The lighter crudes.
Fracked wells are like marrying a Jewish gal. A lot of sex in the beginning, then not much,....
“...he is buying oil to fill up our reserves.”
This is different than normal. We normally only get around 3% of our oil from the middle east. (Oil for food program) Our oil comes basically out of Canada and Mexico for our inbound.
Stupid part is we have probably the most oil in the ground of any country in the world with between ANWR and the Rockies. (If we’d just pump it)
https://science.howstuffworks.com/environmental/energy/anwr2.htm
https://carnegieendowment.org/2015/01/05/abundance-of-oils-in-water-stressed-rockies-pub-57637
rwood
Ha ha. I never thought of it that way.
$10/barrel crude. Who could have seen THIS coming?
Time to have ENORMOUS strategic reservoir storage either in place or ready to receive this tide of below-market crude. just to make it disappear from the market. Once extracted, it is hard to hold much of this volume without it eventually being consumed, either by setting it on fire, or producing end market refined goods to such excess, that it can be sold for little more than cost of refining and cost of transportation.
Dairy farmers are simply dumping daily production for some kind of disposal (mostly spread on soil surface, much like liquid manure), as the dairy plants are unable to process the excess amount, because they cannot sell the product they now have on hand of cheese, pasteurized milk, yogurt, ice cream or any other processed dairy product. It is easier to dispose of excess milk than excess oil, because milk is much more easily composted into its constituent compounds than crude oil.
Cheapest gasoline price in decades and anyplace worth driving to is closed.
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